Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Measurements [Abstract]

Summary of Range of Effective Yields and Weighted Average Effective Yields of Partnership's Investments

The range of effective yields and weighted average effective yields of the Partnership’s investments in MRBs, taxable MRBs and bond purchase commitments as of March 31, 2026 and December 31, 2025 are as follows:


		Range of Effective Yields				Weighted Average Effective Yields (1)
Security Type		March 31, 2026		December 31, 2025		March 31, 2026				December 31, 2025
Mortgage revenue bonds		2.7% - 9.7%		2.4% - 9.8%			5.2	%			5.5	%
Taxable mortgage revenue bonds		6.4% - 12.6%		6.2% - 12.7%			7.5	%			7.6	%
Bond purchase commitments		5.6%		5.4%			5.6	%			5.4	%

(1)

Weighted by the total principal outstanding of all the respective securities as of the reporting date.

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 are summarized as follows:


		Fair Value Measurements as of March 31, 2026
Description		Assets and Liabilities at Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets and Liabilities
Mortgage revenue bonds		$	889,692,902			$	-			$	-			$	889,692,902
Bond purchase commitments (reported within other assets)			2,955,173				-				-				2,955,173
Taxable mortgage revenue bonds (reported within other assets)			48,756,731				-				-				48,756,731
Derivative instruments (reported within other assets)			2,050,163				-				2,050,163				-
Derivative instruments (reported within other liabilities)			(1,049,859	)			-				(1,049,859	)			-
Total Assets and Liabilities at Fair Value, net		$	942,405,110			$	-			$	1,000,304			$	941,404,806

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 are summarized as follows:


		Fair Value Measurements as of December 31, 2025
Description		Assets and Liabilities at Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets and Liabilities
Mortgage revenue bonds		$	1,007,904,386			$	-			$	-			$	1,007,904,386
Bond purchase commitments (reported within other assets)			3,323,510				-				-				3,323,510
Taxable mortgage revenue bonds (reported within other assets)			43,162,714				-				-				43,162,714
Derivative instruments (reported within other assets)			1,338,175				-				1,338,175				-
Derivative instruments (reported within other liabilities)			(1,843,464	)			-				(1,843,464	)			-
Total Assets and Liabilities at Fair Value, net		$	1,053,885,321			$	-			$	(505,289	)		$	1,054,390,610

Summary of Activity Related to Level 3 Assets and Liabilities

The following table summarizes the activity related to Level 3 assets for the three months ended March 31, 2026:


		For the Three Months Ended March 31, 2026
		Fair Value Measurements Using Significant
		Unobservable Inputs (Level 3)
		Mortgage Revenue Bonds				Bond Purchase Commitments				Taxable Mortgage Revenue Bonds				Total
Beginning Balance January 1, 2026		$	1,007,904,386			$	3,323,510			$	43,162,714			$	1,054,390,610
Total gains (losses) (realized/unrealized)
Included in earnings (interest income and interest expense)			(37,258	)			-				(6,387	)			(43,645	)
Included in earnings (provision for credit losses)			2,009,653				-				77,205				2,086,858
Included in other comprehensive income			(8,068,601	)			(368,337	)			41,964				(8,394,974	)
Purchases and advances			151,324				-				8,300,000				8,451,324
Settlements and redemptions			(4,474,915	)			-				(223,660	)			(4,698,575	)
Principal redeemed via deed in lieu of foreclosure			(114,221,934	)			-				(2,785,000	)			(117,006,934	)
Allowance for credit loss written off upon deed in lieu of foreclosure			6,430,247				-				189,895				6,620,142
Ending Balance March 31, 2026		$	889,692,902			$	2,955,173			$	48,756,731			$	941,404,806
Total amount of gains for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on March 31, 2026		$	2,020,773			$	-			$	77,205			$	2,097,978

The following table summarizes the activity related to Level 3 assets and liabilities for the three months ended March 31, 2025:


		For the Three Months Ended March 31, 2025
		Fair Value Measurements Using Significant
		Unobservable Inputs (Level 3)
		Mortgage Revenue Bonds				Bond Purchase Commitments				Taxable Mortgage Revenue Bonds				Total
Beginning Balance January 1, 2025		$	1,026,483,796			$	-			$	26,671,085			$	1,053,154,881
Total gains (losses) (realized/unrealized)
Included in earnings (interest income and interest expense)			22,059				-				(3,312	)			18,747
Included in other comprehensive income			(6,121,797	)			-				486,738				(5,635,059	)
Purchases and advances			14,101,043				-				7,400,000				21,501,043
Settlements and redemptions			(11,921,137	)			-				(138,347	)			(12,059,484	)
Ending Balance March 31, 2025		$	1,022,563,964			$	-			$	34,416,164			$	1,056,980,128
Total amount of gains for the period included in earnings attributable to the change in unrealized gains relating to assets or liabilities held on March 31, 2025		$	16,967			$	-			$	-			$	16,967

Summary of Fair Value of Partnership's Financial Liabilities

The table below summarizes the fair value of the Partnership’s financial liabilities as of March 31, 2026 and December 31, 2025:


		March 31, 2026								December 31, 2025
		Carrying Amount				Fair Value				Carrying Amount				Fair Value
Financial Liabilities:
Debt financing		$	923,704,375			$	926,764,908			$	1,015,095,423			$	1,020,451,526
Secured lines of credit			89,950,000				89,950,000				80,850,000				80,850,000
Mortgages payable			83,284,044				84,231,679				231,679				231,679